Listings inch up, demand remains steady and price gains continue in Metro Vancouver’s housing market in February


The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022.

Last month’s sales were 26.9 per cent above the 10-year February sales average.


“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV Chair said.


There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 per cent increase compared to the 5,048 homes listed in February 2021 and a 31.2 per cent increase compared to January 2022 when 4,170 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 per cent decrease compared to February 2021 (8,358) and a 19.1 per cent increase compared to January 2022 (5,663).


“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said. 


For all property types, the sales-to-active listings ratio for February 2022 is 50.8 per cent. By property type, the ratio is 34.9 per cent for detached homes, 64.3 per cent for townhomes, and 62.2 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 per cent increase over February 2021 and a 4.6 per cent increase compared to January 2022.


“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” Biggar said.


Sales of detached homes in February 2022 reached 1,010, an 18 per cent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 per cent increase from February 2021 and a 4.7 per cent increase compared to January 2022.


Sales of apartment homes reached 1,854 in February 2022, a 5.4 per cent increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9 per cent increase from February 2021 and a 4.1 per cent increase compared to January 2022.


Attached home sales in February 2022 totalled 560, a 24 per cent decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2 per cent increase from February 2021 and a 5.9 per cent increase compared to January 2022.

Read full post



The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021. 


Last month’s sales were 25.3 per cent above the 10-year January sales average. 


There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9 per cent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 per cent increase compared to December 2021 when 1,945 homes were listed.  


“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8 per cent decrease compared to January 2021 (8,306) and an 8.2 per cent increase compared to December 2021 (5,236). 


“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.” 


For all property types, the sales-to-active listings ratio for January 2022 is 40.3 per cent. By property type, the ratio is 28 per cent for detached homes, 51.6 per cent for townhomes, and 49.7 per cent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents a 18.5 per cent increase over January 2021 and a two per cent increase compared to December 2021. 


Sales of detached homes in January 2022 reached 622, a 15.9 per cent decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7 per cent increase from January 2021 and a 2.2 per cent increase compared to December 2021. 


Sales of apartment homes reached 1,315 in January 2022, a 10 per cent increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14 per cent increase from January 2021 and a 1.8 per cent increase compared to December 2021. 


Attached home sales in January 2022 totalled 348, a 23.3 per cent decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3 per cent increase from January 2021 and a 2.5 per cent increase compared to December 2021.



FRASER VALLEY



Meanwhile, the real estate board in the Fraser Valley released its own report on the same day February 2.



The board reported that the benchmark price of a detached home increased to $1,569,300 in January 2022.


This represents a 4.6 percent increase from December 2021 and a 41.8 percent rise compared to January 2021.



For townhouses, it was $796,500, up four percent from December 2021 and 37.2 percent compared to January 2021.



For apartments, the typical price climbed to $574,300, making a 4.6 percent increase from December 2021 and up 30.6 per cent compared to January 2021.



The Fraser Valley Real Estate Board covers North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.


Read full post




Not all insurance products are created equal. One of the most common mistakes homeowners and potential homeowners make is that they hear the word “insurance” and just assume they have it! Well, you might have one kind of insurance, but you might be missing coverage elsewhere.

It is important to understand all the different insurance products to ensure you have proper coverage.


To help you get a better understanding of the insurance, below are the four main insurance product options you will encounter and what they mean:


Default Insurance: 

This insurance is mandatory for homes where the buyer puts less than 20% down. In fact, default insurance is the reason that lenders accept lower down payments, such as 5% minimum, and actually helps these buyers access comparable interest rates typically offered with larger down payments.


Default insurance typically requires a premium, which is based on the loan-to-value ratio (mortgage loan amount divided by the purchase price). This premium can be paid in a single lump sum, or it can be added to your mortgage and included in your monthly payments.


In Canada, most homeowners know of the Canada Mortgage and Housing Corporation (CMHC), which is run by the federal government, and have used them in the past. But did you know? We also have two private companies, Sagen Financial and Canada Guaranty, who can also provide this insurance.



Home (Property & Fire) Insurance: 

Next, we have another mandatory insurance option, property and fire coverage (or, home insurance, as most people know it by). This is number two on our list as it MUST be in place before you close the mortgage! It is especially important to note that not all homes or properties are insurable, so you will want to review this sooner rather than later.  


In addition to protecting against fire damage, home insurance can also cover the contents of your home (depending on your policy). This is important for anyone looking at purchasing condos or townhouses as the strata insurance typically protects the building itself and common areas, as well as your suit “as is”, but it will not account for your personal belongings or any upgrades you made. Be sure to cross-check your strata insurance policy and take out an individual one on your unit to cover the difference.


One final thing to consider is that you may not be covered in the event of a flood or earthquake. You may need to purchase additional coverage to be protected from a natural disaster, depending on your location.


Title Insurance: 

Another insurance policy that potential homeowners may encounter is known as “title insurance”. When it comes to lenders, this insurance is mandatory with every single lender in Canada requiring you to purchase title insurance on their behalf.


In addition, you have the option of purchasing this for yourself as a homeowner. The benefit of title insurance is that it can protect you from existing liens on the property’s title, but the most common benefit is protection against title fraud. Title fraud typically involves someone using stolen personal information, or forged documents to transfer your home’s title to him or herself - without your knowledge. 


Similar to default insurance, title insurance is charged as a one-time fee or a premium with the cost based on the value of your property.


Mortgage Protection Plan: 

Lastly, we have our mortgage protection plan coverage. This is optional coverage, but one that any agent can tell you is extremely important. The purpose of the mortgage protection plan is to protect you, and your family, should something happen. It acts as a disability and a life insurance policy in regards to your mortgage.


Typically, when you get approval for a mortgage, it is based on family income. If one of the partners in the mortgage is no longer able to contribute due to disability or death, a mortgage protection plan gives you protection for your mortgage payments. However, most homeowners don’t realize that if they buy one of these policies through their financial advisor, life insurance agent or bank, the policy will not be able to move with them to a new lender.


Read full post





So! You think you’ve found your dream home, and you can’t wait to check it out in person.

Before you go, here are a few things that are important to look out for during a home tour:


  • Odor: Unusual smells can indicate problems, especially mold or mildew issues.
  • Plumbing and Electrical: Check water pressure as well as electrical systems to ensure no eroded or exposed wires, properly functioning HVAC, sealed water heater, etc.
  • Noise: This is one that homebuyers can often overlook, but it is important to consider the noise within the house as well as how loud the street and neighbourhood are before committing to ensure they are suitable for you.
  • Home Layout: Whether or not the layout and function of the home suits your needs.
  • Number of Rooms: How many bathrooms and bedrooms does the house have? Is that amount suitable for your needs?
  • Wall and Flooring Condition: What is the condition of the walls and floors? Defects such as warping, cracks, watermarks, etc., can be indicative of larger issues.
  • Unpermitted Additions or Updates: On occasion, you might go to view a home that was listed as having 2 bedrooms and 1 bathroom, only to find that it actually has an extra bathroom! As great as this might be for your needs, you'll want to double-check that the addition was permitted. Unpermitted construction can create major issues when it comes to insurance coverage and potential structural headaches if not done properly.

Remember, things like furniture, decor, wall or floor treatments, and hardware or other fixtures are easily updated and not important when viewing a home as they can be changed if the rest of the home suits your needs!

In addition to these items to keep an eye out for, there are also a few specific questions you should be asking your realtor, including: deadline for offers, number of offers that have been made, why the sellers are moving, any concerns they may have, whether or not there is a homeowner association with fees, and how old the home is. 

Read full post

 
 

The cost of building a 2,500-square-foot house has increased by $68,000 since the start of the pandemic, according to the Canadian Home Builders’ Association, and all types of properties are taking as long as 10 weeks longer to construct.


The organization said lumber increases account for half of that increase, with “other material costs” contributing to the rest. Supply chain disruptions and strong demand from buyers has led to the crunch.


“[There are] continuing challenges with the supply chain and labour availability, which is increasing construction costs and causing delays in home completions,” the organization wrote. “These challenges, combined with a lack of land availability, are reducing the industry’s ability to bring still more much-needed housing supply online.”


The organization said closings are being affected, with delays extending from quarter-to-quarter to as long as 10 weeks mostly due to a lack of appliances and windows. Sixty four per cent of builders said they expected a delay in pre-sales or development.


“Respondents are now indicating that plumbing components are being hit the hardest, though appliances and windows remain close behind, along with a long list of other products and materials,” they wrote. 


The group launched its Housing Market Index in the first quarter of 2021. It said today builder sentiment is increasingly positive, but they do worry about the challenges.


“Until the fourth quarter, quarter-to-quarter sentiment in 2021 had been declining due to a number of uncertainties in the housing market such as supply chain disruptions, material costs, changes to the stress test, and another wave of COVID-19,” the wrote. 


“The reduction of some of those uncertainties and continued homebuyer activity have resulted in a positive shift in sentiment, which is consistent with the incredibly strong housing starts and building permits data over the past few months.”


Meanwhile, 63 per cent of builders said the supply of lots in their area were “low to very low” and called on governments to look at addressing permit delays, zoning issues and “NIMBYism.”


Read full post




For thousands of people, 2022 is the year that they take possession of a brand new home.

While it’s exciting to turn the key for the first time in your new home’s front door, there’s several national and global influences at play that will shape the closing and possession phase of buying a property this year.

If you’re preparing to move into new digs in 2022, here are a few things that you may want to take into consideration.

Furniture and appliance orders are still delayed

If you’re waiting on that sectional to arrive or the bed frame you love to come back in stock, you belong to the many people who have been impacted by furniture delivery delays and shortages.

Several countries around the world have been experiencing long delivery times thanks to a host of COVID-19 and global supply chain problems, from backed-up shipping ports to factory closures overseas. The red-hot real estate market, which has seen renters and homeowners move to new digs throughout the course of the pandemic, has also contributed to the demand for home furnishings.



Experts are hopeful though that things will return to business as usual this year as supply chain challenges ease in 2022.

Mortgage interest rates are staying low, for now

Since the Bank of Canada started cutting its mortgage-influencing overnight rate back in March 2020, new and existing mortgage holders have been able to take advantage of some of the lowest interest rates in history. That could come to an end this year, impacting those looking to lock in a mortgage on a new property.

In its final policy interest rate announcement for 2021, the BoC said that it intends to hold its 0.25 per cent overnight rate at that level until mid-2022. Between Canada’s Big Six banks, predictions have been swirling around a potential four quarter-point rate hike by the end of the year.

This could have a ripple effect on the housing market altogether, with some experts drawing comparisons to 2018, when interest rates increased three times and the stress test was introduced, dropping sales volume by 19 per cent. The current stress test rules for uninsured mortgages in 2022, so far, remain unchanged.

Labour shortages are leading to higher costs

The residential construction industry has experienced widespread labour shortages, making new builds and home renovations take longer to complete and cost more money than usual.

Many tradespeople are hitting retirement age, and there aren’t enough young people or immigrants signing up to fill those jobs. Buildforce Canada estimates the construction industry will need to add more than 116,000 workers by the end of the decade to keep pace with expected demand growth and retirements.


Those labour shortages have been exacerbated by the COVID-19 pandemic fuelling Canada’s hot housing market, producing labour imbalances and geographic mismatches. According to Statistics Canada, construction job vacancies increased by more than 34,000 — or 83.7 per cent — between the third quarter of 2019 and the third quarter of 2021.

The lack of skilled labour has increased demand for tradespeople to complete projects like kitchen and bathroom remodels, as well as flooring and electrical work. Keep that in mind and expect increased costs if you plan to begin any projects this year.

Surging lumber prices make construction more costly

Supply chain issues and reduced inventory resulting from natural disasters and the COVID-19 pandemic have sent lumber prices skyrocketing once again.

According to Random Lengths, lumber prices have nearly tripled since August, surging to more than $1,000USD per thousand board feet. As a result, the National Association of Home Builders (NAHB) estimates the average price of a new single-family home has increased by more than $18,600USD, with Canadian consumers experiencing similar cost increases.

Inventory issues stem from strong housing markets and a destructive summer wildfire season along the West Coast, while B.C.’s record November rainfall snarled supply chains and produced a backlog at the Port of Vancouver. The resulting project delays and increased demand for lumber led to the recent spike in prices.

Prospective homeowners will have to factor in rising lumber costs before choosing whether to proceed with new construction or renovation projects.


There are still rules around showings and indoor gatherings

With the fifth wave of the pandemic forcing provinces to resume COVID-19 restrictions, those moving into a home in 2022 may need to think about current safety requirements in their region, especially those that impact real estate and communal living areas.

For instance, in Toronto, COVID-19 bylaws were recently extended to April 2022, requiring that masks be worn indoors in shared spaces such as lobbies, elevators and stairwells inside apartment and condo buildings. Under Ontario’s modified ​​Step Two of the Roadmap to Reopen, real estate open houses are prohibited and showings are by appointment only. Meanwhile, indoor gatherings are now limited to just five people.

These are important to keep in mind if you’re doing final walkthroughs, inspections or other business that might impact the possession process. Be sure to review guidelines from your local public health unit or provincial government for the most up-to-date COVID-19 restrictions.

Read full post

If you own a Strata property, you may have questions about owners renting out their units and the implications on the Speculation and Vacancy Tax (SVT).



Until now, strata owners who were not permitted to rent out units may have qualified for an SVT exemption. That changes in 2022.


Strata owners should be aware that they may be required to pay the SVT in 2022 if their property is unoccupied.


Prior to the 2022 tax year, if a strata owner had a covenant or a bylaw preventing property from being rented out, then they would qualify for an SVT exemption. This only applied if the rental restriction was in place on or before October 16, 2018 and the owner also purchased the property before that date.

For example, if a BC resident purchased a strata property prior to 2018 but under their strata bylaw they are not allowed to rent it out, they will have qualified for the SVT exemption between 2018 and 2021, but they will have to pay the tax for 2022 if the unit remains unoccupied.


The SVT is an annual tax based on how owners use residential properties in major urban areas of BC. The annual tax rate is two per cent of the assessed property value for properties owned by foreign owners and satellite families, and 0.5 per cent for Canadian citizens or permanent residents.

The minimum residency requirements to avoid the SVT are that the unit be occupied for six months (180 days) out of every year.


Last month, the BC Government released data on the SVT.


BC residents who are captured by the tax rose by 51 per cent in the last year, while the number of non-BC residents captured by the tax fell by 24 per cent.


The objective for the SVT was to discourage housing speculation and encourage people with vacant homes in BC to convert them to long term rentals. To learn more about the economic impacts of the Speculation and Vacancy Tax, read BCREA's Market Intelligence report.


Learn more about other SVT exemptions here.

Read full post

 
 
 
Make 2022 the year of finance by improving your financial direction from the start!
Even if you are living paycheck-to-paycheck, a few changes to the way you spend and look at money can make all the difference. It’s never too late to start again and reverse course! 
Here are a few simple ideas to get you started:

  • Create a Budget: In order to stop living paycheck-to-paycheck , you need to know where that paycheck is going. Creating a budget is simple with Google docs, or look into other online tools and sites to get started.
     
  • Pretend You Earn Less Than You Do: Give yourself a cut in pay. The goal is to put 10% in savings from each paycheck into your savings account. The easiest way is to do an automatic direct transfer from your chequing account to your savings every pay period.
     
  • Pay Down Debt: If you have a lot of credit card or unsecured debt, try paying the minimum on all but one of them and aggressively pay down that one card. Once it's paid off, attack the next one. If you're so deep in debt that you can't fight your way out, consider consulting with myself or your local mortgage broker about your debt consolidation options and if your mortgage can be used to help you clean the state. They will be able to review your debt and possibly recommend a way to consolidate it into one simple payment with a single point of interest charges.
     
  • Build an Emergency Fund: Once you have your budget in place, review it and break it down into non-discretionary expenses (rent, groceries, utilities, etc.) and discretionary expenses (eating out, entertainment, clothes, etc.). See where you could cut down on discretionary spending and put that money towards your emergency fund. Even starting with just a little amount is great and helps you build the habit of saving.
     
  • Don’t Forget Your Future: Putting at least 3% of your paycheck into a retirement fund is a great idea, or maybe when you get your first raise instead of thinking of it as free money, simply put it into a fund and forget about it. You'll be glad it's there when you need it in the future.
     
  • Consider Downsizing: It may be time to consider a lifestyle change. Consider moving to a smaller place. Get rid of that cost of going to that expensive gym with a trip to the local park. Think about if you really need that brand new car or if a used one would work just as well.
Read full post

2021-December-stats-graphic-770.jpg



December summary


REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1 per cent decrease from the 3,093 sales recorded in December 2020, and a 21.6 per cent decrease from the 3,428 homes sold in November 2021.


Last month’s sales were 33.4 per cent above the 10-year December sales average.


There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3 per cent decrease compared to the 2,409 homes listed in December 2020 and a 50.9 per cent decrease compared to November 2021 when 3,964 homes were listed.


For all property types, the sales-to-active listings ratio for December 2021 is 51.3 per cent.


By property type, the ratio is 35.1 per cent for detached homes, 75.6 per cent for townhomes, and 60.8 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


Sales of detached homes in December 2021 reached 794, a 22.6 per cent decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22 per cent increase from December 2020 and a 2.1 per cent increase compared to November 2021.


Sales of apartment homes reached 1,464 in December 2021, a 1.4 per cent decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8 per cent increase from December 2020 and a 1.2 per cent increase compared to November 2021.


Attached home sales in December 2021 totalled 430, a 27.5 per cent decrease compared to the 593 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22 per cent increase from December 2020 and a 1.5 per cent increase compared to November 2021.

Read full post

VANCOUVER, BC – January 5, 2022 


Metro Vancouver* home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, a 73.6 per cent increase from the 25,351 homes sold in 2019, and a four per cent increase over the previous all-time sales record of 42,326 set in 2015.


Last year’s sales total was 33.4 per cent above the 10-year sales average.

“Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Keith Stewart, REBGV economist said.


Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 per cent increase compared to the 54,305 homes listed in 2020 and a 19.9 per cent increase compared to the 51,918 homes listed in 2019. Last year’s listings total was 11 per cent above the 10-year average. “While steady, home listing activity didn't keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7 per cent decrease compared to December 2020 (8,538) and a 26.7 per cent decrease compared to November 2021 (7,144).

“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”


The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3 per cent increase compared to December 2020.


Both detached home and townhome benchmark prices increased 22 per cent in the region last year, while apartments increased 12.8 per cent.


Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7 per cent, followed by Pitt Meadows (29.8 per cent), and Whistler (27.8 per cent).


Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2 per cent, followed by detached homes (38.5 per cent) and townhomes (35.2 per cent) in Maple Ridge.

Read full post
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.